By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Nov. 17 – Canola contracts on the ICE Futures Canada platform were weaker Monday morning, following the declines seen in the Chicago soy complex, analysts said.
Overnight weakness in Malaysian palm oil and European rapeseed futures also contributed to the declines.
Reports of improving conditions for South American soybean planting added to the bearish tone.
Further downward pressure came from news that the Canadian canola crush pace is slower than expected due to the Yorkton plant explosion, brokers said.
However, the downswing in the value of the Canadian dollar helped to limit the declines, as it made canola more attractive to foreign buyers.
Slow farmer selling in Western Canada, as they wait for better prices, was also supportive.
As of 8:43 CST, about 1,260 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:43 CST:
